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GAN LIFE INSURANCE
Gan is a French Insurer that made a name for itself in the Uk Life Insurance Market in the 1990's. General Portfolio the Life Insurance & Pensions Co was sold to Gan in 1990 for £289m and renamed Gan Life in 1994. General Portfolio Life Insurance was based in Harlow Essex. General Portfolio had at the time counted Tottenham Hotspur fans among its customers as then manager Terry Venables was reportedly a friend of General Portfolio founder Vincent Isaacs.
However, things did not go smoothly for this buyout as many General Portfolio's customers claimed successfully that they were the victims of high charges & low payouts. So the FSA fined Gan Life and General Portfolio with a reported £1.4m fine - which at the time was one of the biggest watchdog penalties ever imposed. Additionally, the firm had to pay customer compensation of upto £45m. Windsor Life took over the policies when Gan closed to new business in 1998. There were still then more than 300,000 policyholders. Neither General Portfolio nor its successor companies is now open to new customers & do not actively market their products beyond their existing customer bases.
Windsor Life Assurance Co Ltd started in 1963 & now based in Telford & in Hitchin and now services over 1 million plan holders. In the 1990's Windsor Life began acquiring companies including Gresham Life, Aetna Life, Crown Life Financial Management, a subsidiary of the Bank of Ireland, Combined Life, RFSG(UK) and Aegon (formerly Regency Life). In 2004, Swiss Re acquired Life Assurance Holding Company, the parent company of Windsor Life Assurance. In 2005, the businesses of Reassure UK [once Zurich Life] and Virgin Money Life were also transferred to Windsor Life.
Swiss Re acquired the business of GE Life Ltd and GE Pensions Ltd in 2006 & were renamed NM Life Ltd and NM Pensions Ltd in 2007, part of the group trading as TomorrowTM. In 2007 the new business operations of TomorrowTM were sold to Liverpool Victoria & at the same time, the business of NM Life and NM Pensions Ltd was transferred to Windsor Life.
GAN Life Insurance & General Profolio Life Insurance product ranges included various types of investment backed life assurance policies. Looking to compare old GAN Life or General Portfolio Life Insurance against other Uk Insurers
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Article on:GAN Life Insurance ~ for more information visit.www.windsor-life.com* ( * Note: You are now leaving the regulated site of Uk Life Insurance Quotes. Neither ourselves, nor Sesame Ltd, is responsible for the accuracy of the information contained within the linked site.)
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